Uniq acquisition aids Greencore growth

09 February, 2012

International convenience food manufacturer Greencore has shown a healthy start to 2012, reporting a headline revenue growth of 52.6%.

In its interim management statement this morning (9 February), the Irish-based firm highlighted that core underlying growth was 11.2% in the 17 weeks to 27 January. This included the acquisition of Uniq back in September 2011, but excluded the chilled prepared food groupís dessert product lines, which are due to be exited in June this year.

The company said its convenience foods division had shown a 57.2% increase in recorded revenue, amounting to £353.8m. Its own Greencore businesses, including Food To Go, Cakes & Desserts and† sandwich brand Greencore Northampton, recorded revenue growth of 13%, as well as strong volume growth.

Greencore confirmed that its move to integrate Uniq had proven profitable, with revenues up 8.2% year-on-year for the business, despite declines of 18.1% in some areas that the company has decided to discontinue with later this year.

Its ingredients division, which includes its oils and fats business Trilby Trading, also performed in line with the companyís expectations, detailing increased revenue of 3.2%.

Reporting on its performance, Greencore said it was pleased it had made a strong start to the financial year across its portfolio of businesses. It highlighted its financial position was positive, stating it had sufficient headroom in its committed facilities to meet the needs of the business and an average maturity of around four years.